This is the 2nd piece from a series which will guide you step by step through an exhaustive personalization strategy.
In the 1st part of our series, we have discussed the importance of a personalization strategy, why brands need it and what elements it contains. In Part 2, we will cover the 1st phase of putting together a personalization strategy – Corporate strategy and priorities.
Your company’s strategy and personalization strategy are two very different plans. Nevertheless, these two need to be aligned to achieve the success of your business.
What is Corporate Strategy?
You can think about your company’s strategy as an action plan to reach specific business outcomes entailed in a long-term vision and mission. It’s broader than a marketing strategy and it typically focuses on how to create the most value in the mid- and long-term.
Its importance lies in its efficiency to allocate resources and budgets towards initiatives that support specific company’s goals. Investing in the best business opportunities drives performance and attracts investors. This is why a company’s strategy needs to be communicated to all staff members. Communication not only creates transparency within the organization, but it also enables discussions around everyone’s role in achieving the strategy which essentially gives a direction and a meaning to everyday work.
A corporate strategy will normally include what products or services should be developed, organizational design, resources allocation and how much risk the company is ready to take to enable long-term company growth.
What is Marketing Strategy?
There is still some confusion regarding the difference between a company’s strategy and a marketing strategy. This is why we want to clarify the existing misconceptions.
A marketing strategy is used to execute marketing goals. There should be a close relationship between a company’s strategy and a marketing strategy. So, for example, if a business wants to increase its market share in Brazil, the marketing strategy might include thorough user research in Brazil, more targeted campaigns via specific channels and more frequent advertising activities in this market.
In general, marketing activities will leverage the strengths and weaknesses encompassed in the company’s strategy as well. Moreover, the value proposition communicated to customers has the company’s strategy at its core. Think about marketing strategy as the link between a company’s strategy and marketing.
Do all companies need both corporate and marketing strategies?
Even if you work in a small company, both strategies will have an impact on your business’ revenue and growth. You need to outline where your customers can be found, what products or services you will offer them and how. Defining these will make it clearer whether you’re achieving your goals at the pace you want.
How is this relevant to my Personalization strategy?
As you might have already guessed, all 3 types of strategies (Corporate, Marketing and Personalization) are interconnected. If a marketing strategy includes the vision and the direction of the overall company’s strategy, when it comes to the personalization strategy this includes both marketing and company’s missions. Personalization strategy focuses on initiatives, messages, and offering tailored specifically for each individual.
It could include areas like direct email or push notifications, social media, content marketing, but also helpdesk, customer support, or even extend to offline experiences like getting unique in-store assistance based on online activity.
What this means is that there might be not only marketing professionals involved in creating and delivering a personalization strategy. But also Sales teams, Customer Support or Customer Experience.
Last, knowing the ultimate business goals that your company is working on achieving will give you a strong direction for your personalization strategy. It’s a starting point that if used will help you align all the teams together under one umbrella and bring them on-board easier.
“We don’t like their sound, and guitar music is on the way out”
— Decca Recording Co. rejecting the Beatles 1962
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Don’t miss the 3rd part about how to build a successful personalization strategy